AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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NEW AND DEVELOPING
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US--TREASURY-DOGE
Treasury watchdog begins audit of Musk DOGE team's access to federal government's payment system
SUMMARY: The Treasury Department's Office of Inspector General says it's launching an audit of the security controls for the federal government's payment system. That's after Democratic senators raised red flags about the access provided to Trump aide Elon Musk's Department of Government Efficiency. The audit will also review the past two years of the system's transactions as it relates to Musk's assertion of "alleged fraudulent payments." That's according to a letter from Treasury's deputy inspector general obtained Friday by The Associated Press. The audit marks part of the broader effort led by Democratic lawmakers and federal employee unions to provide transparency about DOGE's activities under President Donald Trump's Republican administration.
WORDS: 682 - MOVED: 02/14/2025 10:22 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:d1e2710d0b63f54a8c1fe50fe4f23d4d&mediaType=text
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FINANCIAL MARKETS
Stock market today: Wall Street flirts with a record as indexes drift
SUMMARY: Wall Street is flirting with a record, as U.S. stock indexes drift following some mixed profit reports from big companies. The S&P 500 was virtually unchanged in early Friday trading, a day after rallying within 0.1% of its all-time high set last month. The Dow Jones Industrial Average dipped 44 points, and the Nasdaq composite was basically flat. Airbnb rallied after reporting stronger profit than analysts expected, while Applied Materials fell after giving a forecast for upcoming revenue that fell short of some estimates. Treasury yields eased after a report said sales at U.S. retailers weakened sharply last month.
WORDS: 573 - MOVED: 02/14/2025 9:52 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:5359649681476af9c6f386769f99bdc8&mediaType=text
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US--RETAIL SALES
US retail sales plunged along with temperatures in January after a bustling holiday season
SUMMARY: U.S. retail sales dropped sharply last month, in part because cold weather kept more Americans indoors and dented sales at car dealers and most other stores. Retail sales dropped 0.9% in January from the previous month, the Commerce Department said, after two months of healthy gains. January's average temperature was the lowest since 1988, according to Pantheon Macroeconomics, and was particularly disruptive in the South, where such cold weather was unusual. Devastating fires in Los Angeles may have also impacted spending. Sales dropped sharply last month at auto dealers, falling 2.8%, as well as at furniture stores, home and garden centers, and even in the usually strong online retail sector, where sales dropped 1.9%.
WORDS: 695 - MOVED: 02/14/2025 9:51 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:53a08a284799497a6eaf79e95a047b0e&mediaType=text
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EU--EUROPE-US-TARIFFS
EU Commission vows to react firmly and immediately to Trump's tariffs
SUMMARY: The European Union's executive branch has vowed to "take firm and immediate action" against U.S. President Donald Trump's imposition of tariffs on steel and aluminum. The European Commission said in a statement that Trump's proposed "reciprocal" trade policy goes "in the wrong direction." It said that "by imposing tariffs, the US is taxing its own citizens, raising costs for business, stifling growth and fuelling inflation." Earlier this week, the Commission said U.S. tariffs on steel and aluminum would not go unanswered. It is not yet clear what countermeasures would apply. Trump slapped similar tariffs on EU steel and aluminum during his first term, which enraged European and other allies.
WORDS: 337 - MOVED: 02/14/2025 6:06 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:8f35b213697615e76d88c946a007d785&mediaType=text
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AS--INDIA-US-MODI-MUSK
Elon Musk met with Modi during the Indian prime minister's US visit. What does he want from India?
SUMMARY: Indian Prime Minister Narendra Modi and SpaceX CEO Elon Musk met during Modi's visit to the U.S., where he spoke with Trump about trade and tariff concerns. Modi said he and Musk discussed various issues including space, mobility, technology and innovation, but made no direct reference to the billionaire's Starlink satellite internet services. Musk has long wanted Starlink to make an entry into the Indian market. Its launch, however, has been delayed due to regulatory challenges, security concerns and opposition from domestic telecom giants.
WORDS: 650 - MOVED: 02/14/2025 5:48 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:187301d9afe2c6d0edb0542466c2a589&mediaType=text
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AS--HONG KONG-HOUSING
Hong Kong plans to ban substandard tiny apartments. Low-income families fear higher rents
SUMMARY: Hong Kong plans to crack down on poor-quality subdivided flats are leaving many low-income residents uncertain about their future in one of the world's most expensive housing markets. Officials will impose minimum standards on these tiny units, created by carving apartments into multiple homes. They proposed to require these homes to be at least eight square meters, with a private toilet and a window among other criteria. An estimated 33,000 homes will need substantial changes to meet the bar. Without clear resettlement plans, some affected residents fear they will not be able to afford higher rents.
WORDS: 1144 - MOVED: 02/14/2025 5:48 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:e71a3057b04288527719582b04ca3feb&mediaType=text
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AS--TAIWAN-US-TARIFFS
Taiwan pledges to communicate and invest more in the US after Trump tariff threats
SUMMARY: Taiwan President Lai Ching-te says he will communicate more with the U.S. over President Donald Trump's concerns over the chip industry and invest more in the U.S. Trump said Thursday that Taiwan had taken away the U.S. chip business and he wanted it back in the country. Taiwan's TSMC is the world's largest chipmaker and produces chips for companies including Apple, Intel and Nvidia. Lai said the semiconductor industry is an "ecosystem" in which countries specialize in different areas. Lai said his government would propose a "global semiconductor democratic supply chain partnership initiative" and would be willing to work with partners such as the U.S. to build a more resilient and diversified semiconductor supply chain.
WORDS: 396 - MOVED: 02/14/2025 2:49 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:616f3fbdb20b017c2d19bd1c18a570f1&mediaType=text
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AS--US-CHINA-TIKTOK
TikTok returns to Apple and Google app stores in the US
SUMMARY: TikTok has returned to the app stores of Apple and Google in the U.S., after President Donald Trump delayed the enforcement of a TikTok ban. TikTok, which is operated by Chinese technology firm ByteDance, was removed from Apple and Google's app stores on Jan. 18 to comply with a law that requires ByteDance to divest the app or be banned in the U.S. The popular social media app, which has over 170 million American users, previously suspended its services in the U.S. for a day before restoring service following assurances from Trump that he would postpone banning the app. On Trump's first day in office, he signed an executive order to extend the enforcement of a ban on TikTok to April 5.
WORDS: 328 - MOVED: 02/14/2025 1:09 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:7f895ec83f3f82aa9f0481e89715541e&mediaType=text
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US--EGG PRICES
Can suspending a cage-free egg law solve the soaring price problem? Nevada takes a crack at it
SUMMARY: Record high egg prices prompted Nevada lawmakers to unanimously back suspending their cage-free egg law, but the six other states with similar laws in effect have shown no sign of dropping them even if it might help lower grocery bills. By relaxing the cage-free rule, Nevada could get access to additional eggs, but the supply of all eggs remains tight because nearly 159 million birds have been slaughtered since the bird flu outbreak began to help limit the spread of the virus. It is not clear dropping cage-free laws will have a significant effect on prices that peaked at an average of $4.95 per dozen because the farmers who made the switch can't easily go back to raising chickens in massive barns.
WORDS: 1310 - MOVED: 02/14/2025 1:05 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:9fbc5c6b2aff7b8d0a8bd437670773a7&mediaType=text
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US--EPA-GREEN BANK
EPA chief says he will seek return of $20 billion in clean-energy grants awarded by Biden
SUMMARY: In a major reversal, the new head of the Environmental Protection Agency says he'll try to rescind $20 billion in grants awarded by the Biden administration for climate and clean-energy projects. EPA Administrator Lee Zeldin says the agency will revoke contracts for a "green bank" that is set to fund thousands of projects to fight climate change and promote environmental justice. The program was approved by Democrats under President Joe Biden's signature climate law. Republicans in Congress have called the green bank a "slush fund" and voiced concern over how the money will be used.
WORDS: 573 - MOVED: 02/14/2025 12:04 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:191b394cda251ef772867369f61f07b7&mediaType=text
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US--RURAL NONPROFITS-TRUMP
Federal funding freeze disrupts rural organizations supporting foster youth, job growth
SUMMARY: Nonprofit organizations across the country were plunged into uncertainty after the White House froze spending on federal loans and grants two weeks ago. The Trump administration's order created chaos for nonprofits in the poorest, most rural states, like West Virginia. That state's reliance on federal funds to help address deeply ingrained issues makes it particularly vulnerable to the sweeping actions. An economic development organization had to pause projects revitalizing abandoned coal-era factories and installing solar panels. An organization supporting young adults transitioning from foster care had to freeze funding it planned to use for school mental health support.
WORDS: 1088 - MOVED: 02/14/2025 12:04 a.m. EST
https://newsroom.ap.org/home/search?query=itemid:26573627aa5648b38bdb4584563aa1b8&mediaType=text
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